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Abbott 3Q profit in line
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October 11, 1999: 9:57 a.m. ET
Drug maker's net income rises 10%; Abbott-Takeda venture sales up 61%
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NEW YORK (CNNfn) - Drug maker and medical products company Abbott Laboratories posted a 10 percent increase in third-quarter net income Monday, citing a big jump in sales at its joint venture with Japan's Takeda Chemical Industries Ltd.
The per-share results matched Wall Street's expectations.
Net income rose to $587 million, or 38 cents per diluted share, up from $532 million, or 34 cents per share, a year ago. Sales rose 3 percent to $3.12 billion.
Pharmaceutical products sales fell 8 percent to $565 million, because of the introduction of a generic version of the company's Hytrin hypertension medication and other factors. But Sales at TAP Holdings Inc., the Abbott-Takeda joint venture, totaled $777 million, up 61 percent from the year-ago third quarter.
Abbott (ABT) stock jumped 2-15/16 to 40-13/16 Friday on the New York Stock exchange.
The stock hit a 52-week low of 36-7/8 late last month in the wake of news that federal regulators may seek to stop production of diagnostic test kits at the company's diagnostics division if alleged quality assurance problems aren't corrected. 
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Abbott Laboratories
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